On May 12, 2022, Arctic Star Exploration Corp. closed the transaction. The company raised CAD 3.40327 million in the transaction.

The company issued 18,316,998 non-Flow through units and 1,537,500 flow through units in its final tranche for gross proceeds of CAD 1,405,190. The company issued 39,175,285 non-Flow through units and 8,262,500 Flow through units in the transaction. In connection with the closing of the Final Tranche, the Company paid cash finders' fees of CAD 52,210.80and issued 735,749 non-transferable share purchase warrants to certain eligible finders.

The Finders' Warrants are exercisable to purchase 664,499 Shares at CAD 0.10 per Share and 71,250 Shares at CAD 0.15 per Share. The Finder's Warrants expire on May 12, 2024, or earlier subject to the Acceleration Clause. The TSX Venture Exchange has accepted for filing documentation with respect to the transaction.